The credit crunch does not spell the end of capitalism. But it does signify a change in some of its fundamentals. Some of the obvious outcomes will be a renewed understanding of the importance of the social safety net and regulation of vital industries (and not just financial industries - governments should be getting the message about regulation of the food and medicine industries as well). But less obviously, we will see fewer important public enterprises left to the vagaries of the financial markets. Education, for example. And (in other nations) health care and old age pensions.